Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Montana
MTTEXTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.70
Year-over-Year Change
0.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the textile mills and textile product mills industry (NAICS 313-314) in the state of Montana. It provides insights into the performance and growth of this critical manufacturing sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Montana series tracks the inflation-adjusted output of this industry in the state. It is a key indicator of the industry's productivity, competitiveness, and contribution to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic development agencies to assess the health and competitiveness of Montana's textile manufacturing sector.
Key Facts
- Montana's textile mills and textile product mills industry accounts for over 2% of the state's total GDP.
- Real GDP in this sector has grown by 4.2% on average over the past 5 years.
- The textile industry employs over 3,500 workers in Montana, making it a significant employer in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the textile mills and textile product mills industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of a key manufacturing sector in Montana's economy, which is crucial for policymakers, industry stakeholders, and economic development analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, industry analysts, and economic development agencies to assess the health and competitiveness of Montana's textile manufacturing sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Montana (MTTEXTRGSP), retrieved from FRED.